Paris, August 31, 2012
NAV per share : € 58.7
The Board of Directors, chaired by M. Robert Peugeot, approved the consolidated financial statements for the first half of 2012.
FFP recorded a consolidated loss of €66.1m for the first half. This takes into account the share of PSA Peugeot Citroën Group losses for -€155.5m. The net result also includes a €68m gain on disposal of assets, €61m relating to the partial sale of DKSH stake. The comprehensive income attributable to shareholders amounted to -€400.6m after taking into account the dilution in the capital of Peugeot SA subsequent to the capital increase (- €405.5m).
Net Asset Value (NAV) decreased by 5.0% in the first half. Peugeot SA share price declined by 27%. Other assets increased in value, thanks primarily to Zodiac Aerospace (+22.3%) and DKSH whose valuation rose by 43% compared to December 31, 2011 after its successful IPO. Other assets represent 70% of the gross asset value. At June 29 2012, NAV per share reached € 58.7.
€m First half Full year 2012 2011 2011 | ||
Net Asset Value NAV NAV per s ha re | 1 476 58,7 € | 2 614 1 554 103,9 € 61,8 € |
Consolidated net income, group share Comprehensive net income, group share | -66,1 -400,6 | 227,2 181 241,2 164,1 |
In the first half, FFP supported the development of the global strategic Alliance between PSA Peugeot Citroën Group and General Motors, and subscribed for €115.9m to Peugeot SA €1 bn share capital increase. FFP holds 19% of Peugeot SA capital against 22.8% before the right issue and 28% of exercisable voting rights.
FFP and its main shareholder, Etablissements Peugeot Frères, invested €140.3m in Peugeot SA capital increase and jointly own 25.3% of the capital and 37.9% of the car maker exercisable voting rights.
At June 30, FFP's debt totaled €291 million compared to €302 million at December 31, 2011. Unused credit lines totaled €177 million. Bank covenants are widely respected.
Commenting on the first half 2012 results, Robert Peugeot said: "The first half results reflect the difficulties of PSA Peugeot Citroën Group who was penalized by another 8% decline of the European market (-27% since 2007). Other assets value increase allows to limit the drop in the NAV per share to 5% over the first half while FFP stock price fell by 17.4% over this period."
About FFP:
FFP is an investment company listed on NYSE-Euronext Paris,
majority-owned by Etablissements Peugeot Frères and
managed by Robert Peugeot. FFP is the leading shareholder of
Peugeot SA and pursues a minority shareholding and long- term
investment policy. FFP holds participations in listed
companies (Zodiac Aerospace, SEB, ORPEA or DKSH), non-listed
companies (Sanef or Onet), and private equity funds.
Investors relation :
Sébastien Coquard : +33 1 40 66 42 11
sebastien.coquard@mpsa.com
www.groupe-ffp.fr
Press contact :
Pierre Zajdela : +33 1 58 47 94 80
pierre.zajdela@eurorscg.fr
FFP's NAV at June 30 2012
In €m * % held Valuation % Gross Asset value
Peugeot SA (A) 522 30%
Lisi a ) 5,1% 26 1% CID (Lisi) b)
25,2% 72 4% SEB S.A. a ) 5,0% 123 7% Zodiac
Aerospace a ) 5,8% 265 15% Linedata Services
a ) 9,9% 10 1% Orpéa a ) 7,2% 104
6% LT Participations b) 10,1% 19 1% DKSH a
) 6,9% 187 11% Non listed holdings c) 244
14% Total Holdings (i) 1 049 59%
Private Equity funds d) 128 7% IDI a
) 10,1% 16 1% Total private equity (ii) 144 8%
Immobilière Dassault a ) 5,3% 6 0% Valmy-FFP
(Im. Dassault) b) 100,0% 15 1% FFP-Les
Grésillons e) 100,0% 17 1% Other Real Estate
c) 3 0% Total Real Estate (iii) 41 2%
Other financial assets 4 0% Cash 8 0% Total Other Assets (iv)
12 1%
Diversification Gross Asset Value (i )+(i i )+(i i i )+(i v) = (B) 1 245 70% Debt (C) 291
Net Asset Value = (A) + (B) - (C) 1 476
i.e. per share 58,7 €
* letters refer to valua tion methods. Deta ils on www.groupe-ffp.fr
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